Based on the concept introduced in week one, consider the nine building blocks on the Business Model Canvas for this business idea. Each of the nine building blocks are listed below. Within each block, provide a comprehensive discussion of how you would design each element within the Business Model Canvas.
Using the Canvanizer tool at https://canvanizer.com/new/business-model-canvas (Links to an external site.), discuss the below items. Your submission for this assignment is the URL for your Business Model Canvas from Canvanizer.
- What is the Value Proposition that your company or organization offers to solve customer problems and satisfy their needs? Your response should address value proposition items to include a distinct mix of elements catering to a customer segment’s needs. Values may be quantitative, such as price or speed of service, or qualitative, such as design or customer experience.
- What are the Customer Segments that your company or organization serves? Your response should address customer segment items to include the needs and wants of customers, distribution channels, types of relationships, different profitabilities, and the customers’ willingness to pay.
- What Channels does your company or organization utilize for communication, distribution, and sales? Your response should address some or all of the five distinct channel phases which include awareness, evaluation, purchase, delivery, and after sales.
- What are the Customer Relationships that your company or organization plans to establish with its customer segments? Your response should address customer relationships that may include customer acquisition, customer retention, and upselling.
- What are the Revenue Streams that your company or organization will generate? Your response should address at least one of the following transaction revenues resulting from one-time customer payments or recurring revenues resulting from ongoing payments.
- What are the Key Partnerships that your company or organization utilizes? Your response should describe the company or organization’s network of suppliers and partners. Examples of partnerships include strategic alliances, co-opetition, joint ventures, and buyer-supplier relationships.
- What Key Resources are required to make the business model work? Your response should address key resources that can be physical, financial, intellectual, and/or human.
- What are the Key Activities your company or organization must perform? Your response should describe the most important activities a company must perform to operate successfully. Key activities will differ depending on type of business. These activities may be outsourced or completed within the organization.
- What is the Cost Structure of your company or organization? Your response should describe all costs incurred to operate the business model. Two types of cost structures are cost-driven and value-driven; many business models fall somewhere in between these two models.